Three students from the Faculty of Economics and Business (FEB), Universitas Sebelas Maret (UNS), awarded with third place in the Business Plan Competition at the 2024 Festival Ilmiah Syariah (FALAH). This event was organized by the Islamic Economics Study Group of FEB UNAIR on September 13–14, 2024. The students—Kharisma Mayang Puspita, Zida Fauziya Kamala from the Undergraduate Development Economics Program, and Abdilah Adib Had Farhan from the Undergraduate Accounting Program—successfully represented FEB UNS with their innovative business plan.

“Our team chose the Islamic Finance sub-theme, focusing on financial planning. The goal was to address the financial planning needs of Gen Z, particularly those from middle-income families who are part of the ‘sandwich generation,” Kharisma explained to feb.uns.ac.id.

She elaborated that the challenges faced by the sandwich generation, where young individuals bear financial responsibilities for their families, have become a significant topic among the youth. A survey conducted by CNBC Indonesia in 2021 revealed that 48.7% of the productive population aged 15–45 years belongs to this category.

Based on this problem, the team developed a business idea entitled: “zyfin.id (Zoya Fintech of Sharia): A Financial Planner Companion Platform with the Wakalah Method for Gen Z, Preparing the Sandwich Generation for a Financially Literate Future.”

The business idea aims to equip Gen Z with better financial planning skills, enabling them to prepare for their future while addressing the unique challenges faced by the sandwich generation within middle-income families.

In the competition, ten teams comprising three members each advanced to the final round. These teams represented universities such as Universitas Negeri Surabaya (UNESA), Institut Agama Islam Tazkia Bogor, Universitas Negeri Malang, Universitas Negeri Yogyakarta, Politeknik Pembangunan Malang, UIN Sunan Ampel Surabaya, and Universitas Sebelas Maret.

The competition stages included an initial selection where participants submitted a Business Model Canvas (BMC), a full business plan proposal, and a final pitching session before a panel of judges.

The FEB UNS team’s strategy began with thorough preparation, starting from selecting a relevant and pressing business topic—financial planning for youth. Following discussions, the team created their BMC and proposal by analyzing materials from previous winning submissions.

“In preparation for the finals, we worked on creating an engaging business PowerPoint presentation and practiced delivering our pitch to inspire the judges about our business plan. Alhamdulillah, our team secured third place in the FALAH 2024 Business Plan Competition,” Kharisma shared.

The competition presented numerous benefits Kharisma and her team. Besides gaining new insights into developing business ideas, they also learned from the creative business plans presented by other finalists.

Additionally, the questions posed by judges—experts in industrial engineering and management—provided valuable insights for refining future business plans.

“This competition taught us to be more creative in generating realistic business ideas. We also expanded our network by connecting with participants from other universities. Moreover, the excellent support and hospitality from the event organizers enhanced our experience,” she concluded.